Flexible Medical Office
For Sale
$950,000
231 Memorial Drive, Jacksonville, NC 28546
OI-zoned facility configured for one practice or two independently accessed suites.
Property Size3,600 SF
Price / SF$263.89
Days on Market133
Property Features for 231 Memorial Drive
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
OI
Taxes and HOA fees
Annual Taxes
$9,377
Building Details
Building Size
3,600 SF
Year Built
1982
Buildings
1
Listing Agency:
Ray Properties, INC
(910) 388-6620
Listed By:
Matt C Ray · License #266827
(910) 388-6620
Source:
Frankerealproperties
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 30 at 1:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ray Properties, INC
Investment Insights
Based on property information with market context.
The 3,600±-square-foot medical office building was constructed in 1982 and can support either a single practice or two separate occupants. A central division creates two suites with private entrances, while a shared waiting area serves both sides. The interior includes 7+ exam rooms, two reception areas, two physician offices with built-ins and private restrooms, two nursing stations with sinks, six total restrooms, two break rooms, 2+ administrative offices, and two utility rooms.
The property is located at 231 Memorial Drive in Jacksonville, immediately near Onslow Memorial Hospital and within direct visual proximity to the hospital campus. More than 25 parking spaces are provided, along with a covered patient drop-off area. OI zoning supports the property's medical office use.
The property is located at 231 Memorial Drive in Jacksonville, immediately near Onslow Memorial Hospital and within direct visual proximity to the hospital campus. More than 25 parking spaces are provided, along with a covered patient drop-off area. OI zoning supports the property's medical office use.
Key Highlights
- 3,600± SF medical office building constructed in 1982
- 7+ exam rooms, 2 reception areas, and 2 physician offices with built‑ins
- Layout can be divided into 2 suites with private entrances and shared waiting area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,556
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$891,120
$891.1K
Cap Rate 7%
$636,514
$636.5K
Cap Rate 9%
$495,067
$495.1K
Market Conditions
NOI Build-Up for 3,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$77.8K $21.60/SF
− Vacancy
−$3.5K −$0.97/SF
EGI
$74.3K $20.63/SF
− OpEx
−$29.7K −$8.25/SF
NOI
$44.6K $12.38/SF
Area
Onslow County, NC
Vacancy
4.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$891,120
Cap Rate 7%
$636,514
Cap Rate 9%
$495,067
Alternative Uses
Best Use
Healthcare Medical
$636.5K
$557.0K – $742.6K
NOI $44,556 @ 7.0% cap · market cap 4.69%
Second Best
Office B
$590.1K
$516.4K – $688.5K
NOI $41,310 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$782.0K
$684.3K – $912.4K
NOI $54,743 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,341
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28546, NC
48,547
Population
21,387
Households
2.3
Avg Household Size
30
Median Age
25%
College-Educated
95%
High-School Grad
103.9 sq mi
ZIP Area
467
Density / Sq Mi
$60,552
Median Household Income
$39,487
Median Earnings
$1,174
Median Rent
$212,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - OI-zoned facility configured for one practice or two independently accessed suites.
Where is this medical office space located?
The property is located at 231 Memorial Drive Jacksonville, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 3,600± SF medical office building constructed in 1982; 7+ exam rooms, 2 reception areas, and 2 physician offices with built‑ins; Layout can be divided into 2 suites with private entrances and shared waiting area
